Egypt unrest rattles oil markets
By Kathy Chu
Oil prices soared past a key threshold of $100 a barrel Monday amid fears that violence in Egypt could disrupt the flow of oil or infect other parts of the Middle East.
Brent crude – the benchmark for oil prices in Asia and Europe – closed up 1.6%, to $101.01 a barrel Monday in London, passing the $100 mark for the first time in two years. Meanwhile, the U.S. benchmark crude, West Texas intermediate, settled at $92.19 a barrel, up 3.2%, on the New York Mercantile Exchange.
While Egypt is not a major oil producer, its proximity to other oil-producing countries is rattling the market.